Master of Science in Risk Management and Insurance

MASTER OF SCIENCE IN RISK MANAGEMENT AND INSURANCE

NUST code:

BAS

DURATION:

 2 Years

TYPE OF DEGREE:

HONOURS

CREDIT LOAD:

144

LEVEL 
 

8/9

ACCREDITATION ORGANISATION(S):

Zimbabwe Council for Higher Education (ZIMCHE)

The programme is aimed at imparting comprehensive knowledge and skills on the risk management and insurance science to the people either employed in this industry at various levels of responsibility, to those intending to carve a career in this field but lack the requisite tertiary level training. Candidates will be taught advanced risk management and insurance principles and the program has a natural base in the study of those disciplines that are generally accepted as contributing to the various activities of an all-round risk management and insurance practitioner. Specifically, it aims to blend practical work experience with the theoretical aspects underpinning the risk management and insurance science.

 

Objectives

 The following are the specific objectives of the program:

To cater for the training needs of practitioners in the risk management and insurance industry and those intending to carve a career in this sector.

 To enhance operational capabilities of insurance and risk management practitioners by the acquisition of knowledge and the Development of analytical and strategic skills at an early stage of their insurance and risk management careers.

For entry into the programme, a candidate must:

 Hold a good honours degree or equivalent, preferably Lower Second Class (2.2) or better from a recognised university in any business related field. In addition, the candidate must have thorough knowledge of insurance and/or risk management disciplines.

 Hold a general degree or equivalent, preferably Lower Second Class (2.2)or better, from a recognised university coupled with a professional qualification in insurance and/or risk management from a recognised institution. Associates or holders of advanced diplomas from internationally recognised institutions e.g. The Insurance Institute of Zimbabwe (IIZ) and The Insurance Institute of South Africa (IISA) with at least three (3)years of working experience at supervisory or management level will also be considered. Applicants holding these professional qualifications must show proof of having the final level of the qualification's examination(s) to be admitted into the MScRisk management and Insurance programme.

The Programme shall be taught on a block basis over three parts, with students taking four modules in each part. The fourth part of the programme shall comprise the Dissertation.

 Candidates to be admitted to the examination must have satisfactorily attended approved modules of study including submission of required continuous assessment coursework.They are normally expected to have attended at least 80%oflectures in each module.

 Coursework shall account for30%of the overall assessment while the formal examinations shall account for 70% of the overall assessment.

 The pass mark shall be 50%.

 In the taught segment of the programme, students can proceed to the next stage provided they have passed 75% of the modules from the preceding stages. However, students will not be allowed to proceed to stage IV (Dissertation Stage) carrying any module from the preceding stages.
Failure To Satisfy Examiners

 A candidate who is not allowed to proceed to the subsequent part of the programme and has failed the same part of the programme twice will be required to withdraw from the programme.

 Grading

 

The following marking scheme shall be adopted:

 

80%+           Distinction

70%-79%     Merit

60% - 69%   Credit

50%-59%     Pass

Below 50%  Fail

 Award of Degree

 To be eligible for the award of the MScRisk Management and Insurance degree, a student must pass all the modules constituting the programme inclusive of the Dissertation.

 

  • Candidates who pass all the taught modules of the programme, but fail the Dissertation twice, shall be awarded the Postgraduate Diploma in Risk Management and Insurance.

 

  • The determination of the overall degree programme aggregate with a dissertation component will be:

 

Taught Component          75%                            240 credits

Research Component (Dissertation) 25%              80 credits

 

 

17.9    Part I (Four Core Modules)
            Credits        
CIN    5101    Theory of Risk and Insurance Markets    20 credits        
CIN    5102    Investment and Financial Analysis    20 credits        
                    
CIN    5103    Research Methods in Insurance    20 credits        
CIN    5104    Risk Analysis and Modeling    20 credits        

Part II (Three core modules and one elective)

Core Modules
CIN    5201    Insurance Law and Regulation of Financial markets    20 credits
CIN    5202    International Reinsurance Practice    20 credits
CIN    5203    Operational Risk Management    20 credits

Elective Modules: To choose one (1)
CIN    5204    Alternative Risk Transfer(ART) and Risk Securitisation    20 credits        
CIN    5205    Financial Risk Management    20 credits        
CIN    5206    Asset Liability Management in Insurance    20 credits        
CIN    5207    Business Ethics and Corporate Governance    20 credits

        

Part III (Two core modules and two electives)

Core Modules
CIN    5301    Strategic Management for Insurance and Financial Service    20 credits
CIN    5302    Accounting and Financial Management in Insurance                                20 credits

Elective Modules: To choose any group of two (2) to enhance specialization Option I
CIN    5303     Property Insurance    20 credits
CIN    5304     Liability Insurance       20 credits

Option II
CIN    5305    Life and Health Insurance        20 credits    
CIN    5306    Pensions Management        20 credits    
    
Part  IV        Year 2 (after passing Stages I- III)
CIN5300         Dissertation     20 credits

CIN5101 Theory of Risk and Insurance Markets [20 credits]

Provides a sound understanding of the basic principles of risk and insurance, and the characteristics of the main types of insurance, both life and general. Offers an introduction to the structure and operation of international insurance markets and the function of insurance firms within the financial system. Covers the general principles of insurance underwriting and claims management. Provides a good foundation for the more specialised elective subjects.

 

CIN5102 Investment and Financial Analysis [20 credits]

Enables students to understand and apply the fundamentals of investment and financial analysis, developing and enhancing their ability to analyse and value securities and corporations. Provides a thorough understanding of areas of investment, financial and risk management, along with the necessary theoretical knowledge and statistical tools to interpret financial information. All these are brought together in a unified framework to analyse the strategies, techniques and tools for analysing and interpreting financial information. The module is highly participative, with practical case studies in cash flow, investment and financial analysis.

 CIN5103 Research Methods in Insurance [20 credits]

This module trains students to undertake independence either in the context of a single organisation or by using third-party sources. It provides the necessary tools and skills to initiate, research and write up a business project and includes training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career.

 

CIN5104 Risk Analysis and Modelling [20 credits]

A highly interactive computer based module which explores the statistical methods that are used in finance, risk analysis and risk management. The main objective of the module is to give students an understanding of the fundamentals of these techniques. The module offers a refresher in the underlying principles of probability and statistics, exposure to the under-lying theory and methods, and comprehensive coverage of the tools and techniques that are used in risk modelling.

 

CIN5201 Insurance Law and Regulation of Financial Markets [20 credits]

Provides a framework for the principles of contract and business law and their application to insurance, together with an understanding of the special legal principles that apply in insurance. Places emphasis on Roman-Dutch/English common law but where appropriate, draws comparison with other legal systems. The module also provides knowledge of how different regulatory systems affect the operation of insurers in the major insurance markets of the world.

 

 

 

 

CIN5202 International Reinsurance Practice [20 credits]

The module examines the main global reinsurance markets and how reinsurance is practiced, regulatory measures and taxation; reinsurance accounting methods and the fundamental aspects of reinsurance programming.

 

CIN5203 Operational Risk Management [20 credits]

Equips participants with a working knowledge of operational Risk Management and cover: Introduction to Operational Risk Management; Identifying Operational Risks; Calculating Operational Risk Capital; Operational Case Studies; Assessment of the impact of the latest regulatory rules. The module goes on to offer a framework for an integrated approach to risk management within a corporation i.e. an Enterprise-wide Risk Management system (ERM) and covers the management of Strategic, Reputational, Legal and Compliance risks.

 

CIN5204 Alternative Risk Transfer (Art) And Risk Securitisation [20 credits]

The module encompass newer forms of risk protection forming the Alternative Risk Transfer (ART)market. This module covers the ART market; its functions, participants and products; its advantages and disadvantages, and its future prospects, together with a thorough coverage of the following: Capital markets Issues, Securitisation, Contingent Capital Structures, Insurance Derivates, and the future prospects for growth of the ART market.

 

CIN5205 Financial Risk Management [20 credits]

This module focuses on the development of sound financial risk management practices for financial institutions and encompasses the management of credit, market, liquidity and foreign exchange risks. It equips participants with a working knowledge of Financial Risks; Mitigation, Monitoring and Controlling Financial Risks; Financial Risk Case Studies Assessment of the impact of the latest regulatory rules. The module emphasises the key pillars of a robust risk management framework which include Adequate board and senior management oversight; Sound risk management policies and procedures; Adequate management information systems; Strong risk measurement, monitoring and control capabilities and Adequate internal controls. Extends to study the creation of instruments that enable institutions to transfer risk and enhance liquidity and will also cover risk management strategies using derivatives.

 

CIN5206 Asset Liability Management in Insurance [20 credits]

The module has been designed to discuss concepts and case studies on Asset Liability management (ALM) for the insurance industry. The module discusses and reviews ALM concepts such as cashflows and risks of insurance products (assets and liabilities), applicable regulatory and capital guidelines, actual case studies and current trends and developments. The module helps students define, measure, monitor and manage a financial institution's exposure to Foreign Exchange, Interest rate and Liquidity Risks on a coordinated and consistent basis.

 

CIN5207 Business Ethics and Corporate Governance [20 credits]

This module creates an awareness of the laws and the legal, political and social institutions which impact upon business activity. The module emphasises public law, governmental regulation, ethics and corporate governance. Landmark legislation and judicial decisions will be examined.

 

CIN5301 Strategic Management for Insurance and Financial Services [20 credits]

Covers analytic tools of strategic management. It illustrates how ideas drawn from a number of disciplines, such as marketing, microeconomics, financial theory and organisational behaviour can be employed to address the central concerns of strategy. The module also aims to provide a sound understanding of the application of principles of strategic management within insurance and other financial enterprises. It seeks to identify the strategic issues that currently face insurance and financial services firms and to position these issues in their wider economic and regulatory context.

 

CIN5302 Accounting and Financial Management in Insurance [20 credits]

Module provides students with an understanding of financial management approaches in insurance companies. It equips them with techniques of finance planning and control employed by insurance enterprises and further provides an understanding of treasury management and investment management issues within insurance companies. The module also covers: Accounting for life insurance and non-life insurance companies. Analysing financial performance of insurance companies, Solvency analysis; Reserving methods.

 

CIN5303 Property Insurance [20 credits]

Module seeks to acquaint students with functions of property and business interruption insurance and the main lines thereof; underwriting considerations applicable to each. This module will analyse property insurance contracts, including commercial auto and farm policies.

 

CIN5304 Liability Insurance [20 credits]

An analysis of international laws and regulations and their implications on liability insurance; the law of delict/tort; strict liability; vicious liability; types of liability insurance covers; liability insurance wordings and the interpretation thereof; assessment of liability damages and the quantification thereof.

 

CIN5305 Life and Health Insurance [20 credits]

The module will analyse concepts of Life and Health insurance including; Demographical bases, Life products, Single premiums, single recurrent and periodic premium insurance products, Mathematical provisions, Life insurance products; Endowment, Life annuity, unit and index linked, pension funds; Life insurance with benefits linked to investment performance; The valuation of the life insurance business; Portfolio Evaluation tools, Risks and Solvency Life Reinsurance.

 

CIN5306 Pensions Management [20 credits]

This module provides in-depth coverage of employee benefit plans such as group insurance and pensions with special consideration given to funding instruments and variety among plans as well as important legal employee benefits issues including discrimination, benefit limitations, and tax treatment.

 

CIN5300 Dissertation [80 credits]

This represents the final part of the programme where students embark on an independent piece of research leading to the production of a 15000 to 20 000 word quality dissertation. The topic of the research will have to be approved by the Departmental Board and each candidate will be assigned an academic supervisor appointed by the same. This dissertation is expected to provide the students with the development of substantial individualised field of study research or an analysis of a more general issue or question arising out ofcoursework or professional product, either of which must integrate and extend skills and competencies developed in previouscoursework on the programme. Each candidate shall lodge with the Department of Insurance and Actuarial Science two hard copies and a soft copy of the dissertation.

 

BULAWAYO  
Stage 1

$950

Stage 2 & 3

$940

Stage 4

$595                  


HARARE  
Stage 1$595

$1300

Stage 2 & 3

$1290

Stage 4

$595


BULAWAYO AND HARARE
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